Earlier this week shares in the Irish oil and gas exploration company Providence Resources slumped after it delivered the news that its latest exploration activity has hit water-bearing sands.

John Teeling has been in the mining and exploration business since 1969 and says he has had "two or three big winners, that's all" throughout his career, but he has made more money than he has lost.

On the latest Inside Business podcast, he speaks to Ciarán Hancock about his optimism for the Irish exploration industry, why more holes need to be drilled if Irish gas or oil is ever to be found and he discusses the controversial extraction method fracking.

In the second part of the show, Fiona Reddan has the details of Lidl's foray into high fashion with a new clothing line in stores next week designed by the German supermodel Heidi Klum.